Mellon profit rises almost 22%

GregMorcroft

NEW YORK (MarketWatch) -- Mellon Financial Corp
MEL, -2.23%
said Tuesday its first quarter net income climbed almost 22% to $252 million, or 60 cents a share from $207 million, or 50 cents a share a year ago. Results for the first quarter of 2007 included $8 million in merger- related expenses in connection with the proposed merger with The Bank of New York and a $12 million litigation reserve charge. Those totaled about 3 cents a share. On a continuing operations basis, the company said it earned $243 million, or 58 cents a share, in the first quarter of 2007, compared to $193 million or 47 cents a share in the first quarter of 2006. Analysts polled by Thomson First Call had, on average, expected the company to earn 58 cents a share.

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